on air now

Myer shares plummet after a forced admission of weak sales

A war of words has escalated after troubled retailer Myer’s shares went into freefall following a forced admission of another fall in sales.

Myer Chairman Garry Hounsell on Monday lashed out at what he called a “grossly misleading and inflammatory” campaign by Solomon Lew.

The attack was a response to Mr Lew’s latest call for shareholders to rise up against the Myer board, which admitted to a decline in first-quarter sales following a query from the ASX.

Mr Hounsell says Mr Lew, who owns 10.8 per cent of Myer, had offered no constructive advice and was intent on unsettling a refreshed board that was trying to turn things around.

One of the largest shareholders in Myer is Wilson Asset Management’s Geoff Wilson.

He tells Ross Greenwood how it’s affected him a shareholder.

Click PLAY below to hear the full interview